Pacific Drilling Announces Trading Suspension on the NYSE and Move to Over-the-Counter Market

12.9.2017 21:34 | Business Wire

Del

Pacific Drilling S.A. (NYSE: PACD) announced today that it has received
notice from NYSE Regulation, Inc. that trading of the Company’s common
stock on the New York Stock Exchange ("NYSE") was suspended after market
close today, September 12, 2017.

The NYSE stated that the Company was not in compliance with the NYSE's
continued listing standard, which currently requires a company with
listed common stock to maintain an average global market capitalization
of not less than $15.0 million over a consecutive 30 trading-day period.

NYSE Regulation has informed the Company that application to the
Securities and Exchange Commission to delist the Company's common stock
is pending the completion of all applicable procedures, including any
appeals by the Company of NYSE Regulation's decision. While the Company
has the right to appeal the NYSE determination, based upon the cost of
appeal and the likelihood of success, the Company believes it is in the
best interest of its shareholders not to contest this action and has
informed the NYSE that the Company will not appeal the NYSE’s
determination.

The Company’s common shares will commence trading in the
over-the-counter (“OTC”) market on the Pink Quotes (formerly the “Pink
Sheets”) on Wednesday, September 13, 2017. The Company is also taking
appropriate steps to work with a market maker to apply for registration
and quotation of its common stock on the OTC Bulletin Board ("OTCBB").
The Company’s NYSE ticker symbol “PACD” will be discontinued and its OTC
ticker symbol will be “PACDF”.

This transition to the over-the-counter markets does not affect the
Company's business operations and will not change its obligation to file
periodic and certain other reports with the Securities and Exchange
Commission under applicable federal securities laws. Shareholders are
still the registered owners of the securities and commencing September
13, 2017 will be able to trade them on the OTC. Information on the Pink
Quotes and the OTCBB can be accessed via their respective websites at www.otcmarkets.com
and www.otcbb.com.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific
Drilling is committed to becoming the industry’s preferred
high-specification, floating-rig drilling contractor. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. For more information about
Pacific Drilling, including our current Fleet Status, please visit our
website at www.pacificdrilling.com.

Forward-Looking Statements

Certain statements and information contained in this press release, and
oral statements made regarding the subjects of this press release,
including the conference call announced herein, constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and are generally identifiable
by the use of words such as“anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “our ability to,” “plan,” “potential,”
“project,” “should,” “will,” “would,” or other similar words, which are
generally not historical in nature. Our forward-looking statements
express our current expectations or forecasts of possible future results
or events, including future client contract opportunities, availability
of vessels, revenues and operating results and revenue efficiency.
Although we believe that these forward-looking statements are reasonable
as and when made, these statements are not guarantees, and actual future
results may differ materially due to a variety of factors. These
statements involve significant risks and uncertainties (many of which
are beyond our control) and assumptions that could cause actual results
to differ materially from our historical experience and our present
expectations or projections. Important factors that could cause actual
results to differ materially from projections include: future levels of
offshore drilling activity; our ability to secure new and maintain
existing drilling contracts, including possible cancellation or
suspension of drilling contracts as a result of mechanical difficulties,
performance, market changes or other reasons; changes in worldwide rig
supply and demand, competition and technology; actual contract
commencement dates; downtime and other risks associated with offshore
rig operations, including unscheduled repairs or maintenance,
relocations, severe weather or hurricanes; our ability to obtain waivers
of or amendments to our maximum leverage ratio covenant at the end of
the third quarter of 2017 if necessary, or with respect to other
potential future debt covenant defaults; our ability to continue as a
going concern and any potential bankruptcy proceeding; and our ability
to repay debt and adequacy of and access to sources of liquidity. For
additional information regarding factors that could cause our actual
results to differ from our projected results, please see our filings
with the Securities and Exchange Commission (SEC), including our Annual
Report on Form 20-F and Current Reports on Form 6-K. These documents are
available through our website at www.pacificdrilling.com
or through the SEC’s Electronic Data and Analysis Retrieval System at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events or otherwise.